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KPF

K2 Principal Fund Portfolio holdings

AUM $1.43B
1-Year Est. Return 29.56%
This Fund
S&P 500
This Quarter Est. Return
+9.21%
1 Year Est. Return
+29.56%
3 Year Est. Return
+71.66%
5 Year Est. Return
+57.43%
10 Year Est. Return
+278.66%
AUM
$725M
AUM Growth
-$63M
Cap. Flow
-$143M
Cap. Flow %
-19.69%
Top 10 Hldgs %
22.96%
Holding
394
New
118
Increased
38
Reduced
57
Closed
98

Top Buys

Rank Stock Value
1
MAG
MAG Silver
MAG
+$5.72M
2
GTEN
Gores Holdings X
GTEN
+$3.99M
3
JNPR
Juniper Networks
JNPR
+$3.58M
4
RAC
Rithm Acquisition Corp
RAC
+$3.5M
5
CORZ icon
Core Scientific
CORZ
+$3.47M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$16.8M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$5.97M
3
SEI
Solaris Energy Infrastructure
SEI
+$5.9M
4
RAC.U
Rithm Acquisition Corp Units
RAC.U
+$3.54M
5
SVCC
Stellar V Capital Corp
SVCC
+$3.4M

Sector Composition

Rank Sector Weight
1 Financials 11.62%
2 Technology 4.89%
3 Consumer Discretionary 1.89%
4 Energy 1.63%
5 Communication Services 1.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
CALL
SPDR Gold Trust
GLD
$130B
$32M 4.41%
105,000
+35,000
+50% +$10.6M
BTI icon
2
CALL
British American Tobacco
BTI
$129B
$18.5M 2.55%
+390,000
New +$17.3M
HYG icon
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$16.1M 2.22%
+200,000
New +$15.8M
IBIT icon
4
PUT
iShares Bitcoin Trust
IBIT
$47.5B
$15.3M 2.11%
250,000
+230,000
+1,150% +$12.9M
SLV icon
5
CALL
iShares Silver Trust
SLV
$27.8B
$10.8M 1.48%
328,000
+308,000
+1,540% +$9.42M
IBIT icon
6
iShares Bitcoin Trust
IBIT
$47.5B
$10.7M 1.47%
174,000
-51,000
-23% -$2.86M
GLD icon
7
PUT
SPDR Gold Trust
GLD
$130B
$8.84M 1.22%
29,000
-3,500
-11% -$1.06M
IBIT icon
8
CALL
iShares Bitcoin Trust
IBIT
$47.5B
$8.72M 1.2%
142,500
+82,500
+138% +$4.62M
FSLR icon
9
First Solar
FSLR
$22.1B
$7.99M 1.1%
48,291
+4,187
+9% +$618K
MAG
10
DELISTED
MAG Silver
MAG
$6.8M 0.94%
+321,870
New +$5.72M
CORZ icon
11
Core Scientific
CORZ
$7.62B
$5.92M 0.82%
+346,591
New +$3.47M
SPRY icon
12
ARS Pharmaceuticals
SPRY
$596M
$5.53M 0.76%
317,126
-168,229
-35% -$2.43M
VTWO icon
13
PUT
Vanguard Russell 2000 ETF
VTWO
$17.4B
$5.45M 0.75%
+62,500
New +$5.08M
LYV icon
14
CALL
Live Nation Entertainment
LYV
$41B
$5.14M 0.71%
+34,000
New +$4.68M
NLOP
15
Net Lease Office Properties
NLOP
$173M
$4.71M 0.65%
144,800
+4,800
+3% +$147K
HVII
16
Hennessy Capital Investment Corp VII
HVII
$273M
$4.6M 0.63%
452,717
-596,966
-57% -$5.97M
HES
17
DELISTED
Hess
HES
$4.54M 0.63%
32,782
-4,000
-11% -$540K
CCIR
18
DELISTED
Cohen Circle Acquisition Corp. I Class A Ordinary Shares
CCIR
$4.5M 0.62%
410,086
+76,780
+23% +$891K
CLBR
19
DELISTED
Colombier Acquisition Corp II
CLBR
$4.39M 0.61%
283,990
+146,045
+106% +$1.91M
OMC icon
20
CALL
Omnicom Group
OMC
$22.2B
$4.32M 0.6%
+60,100
New +$4.44M
WLAC
21
DELISTED
Willow Lane Acquisition Corp
WLAC
$4.22M 0.58%
412,413
+4,519
+1% +$45.7K
TLN
22
Talen Energy Corp
TLN
$18.1B
$4.1M 0.57%
14,100
-14,107
-50% -$3.35M
JNPR
23
DELISTED
Juniper Networks
JNPR
$3.99M 0.55%
+100,000
New +$3.58M
GTEN
24
Gores Holdings X
GTEN
$3.99M 0.55%
+389,326
New +$3.99M
RAC
25
Rithm Acquisition Corp
RAC
$308M
$3.54M 0.49%
+347,708
New +$3.5M
1
2 3 4 5

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K2 Principal Fund's Q2 2025 Portfolio in Review

As of Q2 2025, K2 Principal Fund held 394 positions worth $725M, down 8% from $788M the previous quarter. Its ten largest holdings account for 23% of the portfolio.

K2 Principal Fund withdrew a net $143M in Q2 2025, closing 98 positions and reducing 57 holdings. Its most notable exit was Solaris Energy Infrastructure, an estimated $5.9M position sold in full.

By sector, the portfolio is most concentrated in Financials at 12% of assets, up from 6.1% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in MAG Silver worth $6.8M.

  • K2 Principal Fund's largest Q2 2025 buy was MAG Silver: 321,870 shares worth $6.8M.
  • K2 Principal Fund added most to Kodiak AI in Q2 2025, an estimated $2.97M increase.
  • K2 Principal Fund's biggest Q2 2025 reduction was SPDR Gold Trust, cutting an estimated $16.8M.
  • K2 Principal Fund fully exited Solaris Energy Infrastructure in Q2 2025, selling an estimated $5.9M.
  • K2 Principal Fund's ten largest holdings make up 23% of its $725M portfolio in Q2 2025.
  • K2 Principal Fund opened 118 new positions and closed 98 in Q2 2025.
  • K2 Principal Fund's portfolio value fell 8% quarter-over-quarter to $725M.

Based on K2 Principal Fund's 13F filing for Q2 2025, filed 14 Aug 2025.